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Business Outlook in Azerbaijan Deloitte CIS Research Center 2017
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Business Outlook in AzerbaijanDeloitte CIS Research Center2017
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02
Brochure / report title goes here | Section title goes here
ContentsAzerbaijan in figures: 4 (Macroeconomic outlook: GDP, inflation, currency rate, etc.)
Azerbaijani business environment 16 (Research Centre market analysis)
Contacts 22
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Business Outlook in Azerbaijan – 2017
03
IntroductionWe are pleased to present the first edition of Business Outlook in Azerbaijan, the Deloitte Research Centre’s macroeconomic journal.
We focus on the current trends in Azerbaijan’s economy and present our key research findings.
In August–September 2017 Deloitte CIS conducted a survey of the top management of Azerbaijani companies. It serves as the basis of our integrated research on the state of the business environment in Azerbaijan.
If you have any questions or suggestions regarding this research, please do not hesitate to contact us: [email protected]
Nuran KerimovManaging PartnerDeloitte Azerbaijan
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Business Outlook in Azerbaijan – 2017 | Azerbaijan in figures
04
Azerbaijan in figures 01
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Business Outlook in Azerbaijan – 2017 | Azerbaijan in figures
05
Gross domestic product, 2003–2021
Brent oil and natural gas price
GDP, bln manat (current price)
Fact
EIU forecast
GDP growth rate, % (constant price):
Fact
EIU forecast
IMF forecast
Brent oil, US$/barrel
Fact
WB forecast
EIU forecast
ECB forecast
Natural gas, US$/mmBtu
Fact
WB forecast
EIU forecast
7.1
28.4
52.1
54.4
85.0
8.5
40.1 54
.7 60.4
93.9
12.5
35.6
58.2
73.6
105.
8
18.7
42.5
59.0
76.1
2003
2007
2011
2015
2019
*
2004
2008
2012
2016
2020
*
2005
2009
2013
2017
*
2021
*
2006
2010
2014
2018
*
10.2 10.8 2.2 -3.134.5 5.0 2.011.2 25.0 0.1 1.126.4 9.3 5.8 -1.0 2.61.8 2.11.9-1.0 1.82.3 2.52.0
Key macroeconomic indicators
In September 2017, the Economist Intelligence Unit (EIU) forecasted an economic contraction of 1% in 2017, caused by tight fiscal and monetary policy, low private consumption, and declining oil production, owing to the existing ageing wells and the lower productivity of new wells.
Source: Historical data – UN statistics, State Statistical Committee of the Republic of Azerbaijan
*Forecast – Economist Intelligence Unit (EIU), International Monetary Fund (IMF)
Source: Historical data – Finam Holdings
*Forecast – EIU, World Bank (WB), European Central Bank (ECB)
2003
2007
2011
2015
2019
*
2004
2008
2012
2016
2020
*
2005
2009
2013
2017
*
2021
*
2006
2010
2014
2018
*
38.5
98.0111.5
46.466.0
80.597.3
28.8
75.2
112.1
54.255.264.0
108.3 51.6 51.551.452.1 55.553.1 52.950.8
6.3 8.92.9 2.7
7.0 4.3 4.25.5 7.3 4.1 2.69.3
4.2 3.8
3.0 3.6 3.73.53.2 3.93.4
55.0 64.561.5 62.960.0
“A decrease in 2016 GDP was expected. The oil and gas sector still accounts for the biggest share of Azerbaijan’s GDP, and oil export revenue represents most of the total export revenue. In addition, many non-oil sectors directly depend on the oil revenues. Non-oil GDP strongly depends on the allocation of funds from the state budget in this regard. Therefore, the fall in world oil prices has affected and continues to affect the value of Azerbaijan’s economy. As a result, its GDP started to drop practically from the first month of 2016.”Vugar Bayramov Chairman of the Center of Economic and Social Development
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Business Outlook in Azerbaijan – 2017 | Azerbaijan in figures
06
Dynamics of oil and gas sector share in total GDP, (%)
2016 GDP structure, (mln Azerbaijani manat)
Structure of goods export 2016, (mln US$)
Source: State Statistical Committee of the Republic of Azerbaijan
2003
2007
2011
2015
2004
2008
2012
2016
2005
2009
2013
2006
2010
2014
31
55
45
33
5448
3630
5650
28
44 4541
Mining and quarrying (incl. oil and gas)
Construction
Trade, repair of transport means
Net taxes on product and import
Transport and storage
Agriculture, forestry and fishing
Manufacturing
Financial and insurance activities
Other
18,520
6,394
6,152
4,591
4,102
3,370
3,120
1,598
12,546
7,95
6
278
526 9,
139
156 22
3
Petr
oleu
m
prod
ucts
Oth
er
Agric
ultu
ral
prod
ucts
Tota
l
Chem
ical
s
Met
als
5.8% 100%2.4%87.1% 3.0%1.7%
Key macroeconomic indicators
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Business Outlook in Azerbaijan – 2017 | Azerbaijan in figures
07
Oil production and Brent oil price
Natural gas production and price
Oil production, `000s barrels/day
Fact
EIU forecast
Brent oil price, US$/barrel
Fact
EIU forecast
Gas production, bln cubic meters
Fact
IMF forecast
Natural gas price, US$/mmBtu
Fact
EIU forecast
Oil output is forecasted to decline in 2017–21. Risks are oriented to the downside, as stabilization of production will be limited by weak investment.
Source: EIU
The Shah Deniz is one of the world’s largest gas-condensate fields located on the shelf of the Caspian Sea 70 km southeast of Baku. The first stage began operations in 2006 and currently has the capacity to produce around 10 billion cubic meters of gas per annum (bcma) and approximately 50,000 barrels a day of condensate. Shah Deniz Stage II is a giant project that will add a further 16 billion cubic meters per annum (bcma).
Source: British Petroleum
Source: Historical data – EIU, Finam Holdings
*Forecast – EIU
Source: Historical data – State Oil Company of the Azerbaijan Republic (SOCAR), The Oxford Institute for Energy Studies, Finam Holdings
*Forecast – IMF, EIU
“2017 is an important year for BP and for the Shah Deniz II project, which is already around 90% complete. We have planned a series of key completion milestones for this year. We are committed to achieving all of these milestones on schedule to make BP’s 25th anniversary celebrations in Azerbaijan a big success.”Ewan Drummond Vice President of BP’s Azerbaijan-Georgia-Turkey projects
Key macroeconomic indicators
309
839 91
6
835
756
312
908
871
824
748
445
1,01
3
873
771
741
648
1,02
0
844
764
2003
2007
2011
2015
2019
*
2004
2008
2012
2016
2020
*
2005
2009
2013
2017
*
2021
*
2006
2010
2014
2018
*
38.5 98.0 111.5 46.466.0 80.5 97.328.8 75.2 112.1 54.255.2 64.0 108.3 52.1 55.553.1 52.950.8
5.1
17.0
25.8 29
.0
5.0
23.4 26
.9 29.4
5.7
23.7
29.5
29.6
9.1
26.3 29
.6 38.7
2003
2007
2011
2015
2004
2008
2012
2016
2005
2009
2013
2017
*
2006
2010
2014
2018
*
6.3 8.9 2.9 2.77.0 4.3 4.25.5 7.3 4.1 2.69.3 4.2 3.8 3.2 3.4
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Business Outlook in Azerbaijan – 2017 | Azerbaijan in figures
08
Price indices of consumer goods and paid services rendered to population
Refinancing rate, (%)
According to the State Statistics Committee, average annual inflation stood at 14% over Jan–Aug 2017.
On 18 September 2017, the Management Board of the Central Bank of the Republic of Azerbaijan made the decision to leave the refinancing rate and other parameters of the interest rate corridor unchanged (the refinancing rate is 15%, the corridor floor is 10%, and the corridor ceiling is 18%).The Management Board of the Central Bank of Azerbaijan will next hold an interest rate meeting on 15 November 2017.
Source: Central Bank of the Republic of Azerbaijan
Source: Historical data – State Statistical Committee of the Republic of Azerbaijan,
*Forecast – EIU, IMF
Source: Central Bank of the Republic of Azerbaijan
9.6
1.5
2.42.2
16.7
7.96.7
20.8
1.1
8.35.7
1.4
12.4
4.0
2004
2008
2012
2016
2005
2009
2013
2017
*
2006
2010
2014
2018
*
2003
2007
2011
2015
2019
*
2020
*
2021
*
9.5 4.06.5 4.05.012.6 4.95.6 4.65.2 Price indices, %
Fact
EIU forecast
IMF forecast
Key macroeconomic indicators
5.25
3.00
15.00
3.00 3.504.75
7.00
01/01/2011 01/01/201501/01/2012 01/01/201601/01/2013 01/01/2014 01/01/2017
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Business Outlook in Azerbaijan – 2017 | Azerbaijan in figures
09
Currency rate, USD vs. Azerbaijani manat
EUR and USD vs. Azerbaijani manat, Jul 2015–Sep 2017
0.9
8
0.8
6
0.7
9 1.0
3
1.7
1
0.9
8
0.8
2
0.7
9
1.6
0
1.6
7
0.9
5
0.8
0
0.7
8
1.7
2
1.6
3
0.8
9
0.8
0
0.7
8
1.7
5
2003
2007
2011
2015
2019
*
2004
2008
2012
2016
2020
*
2005
2009
2013
2017
*
2021
*
2006
2010
2014
2018
*
The launch of Shah Deniz II will boost export earnings, however, gas prices are projected to remain relatively low and oil prices are expected to remain broadly flat. The EIU forecasts a modest appreciation of the manat against the dollar of about 2% per year in 2019–21.
Source: EIU
Source: Historical data – Central Bank of the Republic of Azerbaijan,
*Forecast – EIU
Source: Central Bank of the Republic of Azerbaijan
01/07/2015 01/07/2016 01/07/201701/10/2015 01/10/201601/01/2016 01/01/2017 01/10/201701/04/2016 01/04/2017
Average 2015USD 1.03EUR 1.14
Average 2016USD 1.60EUR 1.77
Average 9m 2017USD 1.73EUR 1.93
Key macroeconomic indicators
Annual average currency rate
Fact
EIU forecast
EUR
USD
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Business Outlook in Azerbaijan – 2017 | Azerbaijan in figures
10
Budget of the Republic of Azerbaijan
Yield on Azerbaijan's Tbills (%)
Budget revenues, bln manat
Budget expenditures, bln manat
- deficit / + proficit as a share of GDP
In September 2017 the EIU forecasts an economic contraction of 1% in 2017, caused by tight fiscal and monetary policy, low private consumption, and declining oil production, owing to the existing ageing wells and the lower productivity of new wells.
Source: Central Bank of the Republic of Azerbaijan
*Forecast – EIU
Source: Central Bank of the Republic of Azerbaijan
2003
2007
2011
2015
2004
2008
2012
2016
2005
2009
2013
2017
*
2006
2010
2014
-0.20.2 0.3
-0.40.5
-0.9-0.5
-0.1 -0.20.6
-1.2-0.7 -0.7
0.6
-1.3
1.2
6.0
15.7 17
.2
1.5
10.8
17.3
17.5
2.1
10.3
19.5
17.0
3.9
11.4
18.4
1.2
6.1
15.4 17
.8
1.5
10.7
17.1 17.7
2.1
10.6
19.1
17.9
3.8
11.8
18.7
Key macroeconomic indicators
20
15
10
5
001/02/2016 01/02/2017 01/08/201701/05/2016 01/05/201701/08/2016 01/11/2016
5.5
19.5
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Business Outlook in Azerbaijan – 2017 | Azerbaijan in figures
11
General government gross debt (percentage of GDP)
Fact
IMF estimation
IMF forecast
EIU estimation
EIU forecast
In May 2017 the state-controlled International Bank of Azerbaijan (IBA), the country’s largest bank, announced a foreign debt restructuring plan. As part of the restructuring, on 1 September the Ministry of Finance issued seven Eurobonds worth a total of US$2.27 bln, with maturities ranging from end 2017 to 2032, and the IBA issued a US$1 bln seven-year Eurobond.
Source: EIU
Source: Historical data – The Ministry of Finance of the Republic of Azerbaijan
Estimation and *Forecast – EIU, IMF
36.1 43.840.1 47.4 54.7 58.351.2
48.839.2 49.5 41.8 37.945.328.3
2004
2008
2012
2016
2005
2009
2013
2017
*
2006
2010
2014
2018
*
2003
2007
2011
2015
2019
*
2020
*
2021
*
13.3 11.8 13.6
21.8
8.6 9.9
20.2
6.911.410.2 11.1
16.020.419.8
“The increase in government debt correlates with the steps taken to improve the financial situation of the International Bank of Azerbaijan. Its debt will pass to the government and the government will issue Eurobonds in order to pay this debt. For that reason, the upper limit of external borrowing would increase by 4 billion manats. We have to do this. This Bank is also a state bank and the president gave the order to privatize it. We need to improve its financial situation before we can privatize it. Azerbaijan’s government debt can hardly be considered big. “Vahid Akhmedov Member of the Milli Majlis, Deputy Chairman of Milli Majlis's Committee on Economic Policy, and Member of Parliament
Key macroeconomic indicators
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Business Outlook in Azerbaijan – 2017 | Azerbaijan in figures
12
Population and employment
Distribution of employed population by economic activity (‘000s of people)
Source: State Statistical Committee of the Republic of Azerbaijan
Agriculture, forestry and fishing
Trade, repair of transport means
Education
Construction
Public administration and defence
Manufacturing
Mining
Other
1,730
700
375
344
285
242
38
1,046
Key macroeconomic indicators
Population, mln of people
Employment, mln of people
Unemployment rate, %
4.02
4.22
4.45
4.76
4.06
4.27
4.52
4.11
4.33
4.60
3.97
4.16
4.38
4.67
8.35 8.
78 9.24 9.
71
8.45 8.90 9.
36
8.55 9.
00 9.48
8.27 8.67 9.
11 9.59
2004
2008
2012
2016
2005
2009
2013
2006
2010
2014
2003
2007
2011
2015
7.3 5.7 5.09.2 6.3 5.48.0 5.9 5.26.6 5.6 4.9 5.05.0
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Business Outlook in Azerbaijan – 2017 | Azerbaijan in figures
13
Number of accommodated persons in hotels by purpose of travel, (`000s persons)
Tourism
“In January–August 2017, the increase in the number of tourists was 23.1% (1.818 million people) and this is a positive trend.”
“During the reporting period, the volume of transactions carried out by foreign citizens also increased by 97%, and purchases were made for AZN 713,000,000. This is almost a two-fold increase and a real contribution to the economy of the country”Abulfas Garayev Minister of Culture and Tourism of Azerbaijan
Recreation
Treatment
Business
Other tourism purpose
Arrivals for the other purpose
Source: State Statistical Committee of the Republic of Azerbaijan, World Travel & Tourism Council
2003
2007
2011
2015
2004
2008
2012
2016
2005
2009
2013
2006
2010
2014
*The direct contribution of Travel & Tourism to GDP was AZN2,285.3 mln (US$1,437.3 mln), 4.1% of total
**In 2016 Travel & Tourism directly supported 171,000 jobs (3.7% of total employment)
*** Total growth over 2011–2016
4%Of GDP*
171,000Jobs**
70%Growth***
600
500
400
300
200
100
0
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Business Outlook in Azerbaijan – 2017 | Azerbaijan in figures
14
F1 and UEFA Champions League
Sport news
“It's an incredible feeling to play in the Champions League, but we're there for the first time so it will be hard for us and we'll show our potential in the games.”Dino Ndlovy Qarabağ FC player
The season high is clearly Azerbaijan across the metrics analyzed, not only the highest average of the season but also recording a decent percentage rise year-on-year. The only other race to increase year-on-year is Spain, with the Catalonia race seeing a 6 percent rise compared with 2016. During 2016, a combined average audience of 2.63 million viewers watched Formula 1’s 21 races across Channel 4 and Sky Sports.
Top 5 F1 Broadcasts 2017:1. Azerbaijan Grand Prix (live): 2.99 million viewers 2. British Grand Prix (live): 2.86 million viewers3. Bahrain Grand Prix (live): 2.82 million viewers 4. Spanish Grand Prix (highlights): 2.65 million viewers 5. Monaco Grand Prix (live): 2.55 million viewers
UEFA Champions League Group CChelsea (England)Athletico (Spain)AS Roma (İtalia)Qarabağ (Azerbaijan)
Qarabağ qualified for the UEFA Champions League group stage for the first time in the club’s history. Qarabağ will be the first Azerbaijani team to play in the group stage of Champions League.
.2.99. million
viewers*
Source: f1broadcasting.co, Qarabağ website
* Worldwide viewers across Channel 4 and Sky Sports.
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Business Outlook in Azerbaijan – 2017 | Azerbaijan in figures
15
Date Target company
Bidder company
Seller company
Deal Value USD (mln)
Deal Dom. Industry
1 16/08/2010 Azeri-Chirag-Gnashli project (5.63% stake)
BP Plc; Chevron Corporation; Itochu Corporation; INPEX Southeast Caspian Sea Ltd.
Devon Energy Corporation
3,416 Energy
2 30/04/2015 Shah Deniz gas field (15.5% stake); South Caucasus Pipeline Company Ltd. (15.5% stake)
Petronas Gas Berhad
Statoil ASA 2,250 Energy
3 31/12/2014 Shah Deniz gas field (10% stake); South Caucasus Pipeline Company Ltd. (10% stake)
Turkish Petroleum Corporation
Total S.A. 1,500 Energy
4 06/05/2014 Shah Deniz gas field (10% stake); South Caucasus Pipeline Company Ltd. (10% stake)
BP Plc; State Oil Company of the Azerbaijan Republic
Statoil ASA 1,450 Energy
5 28/04/2003 Azeri-Chirag-Gnashli project (10% stake)
INPEX Southeast Caspian Sea Ltd.
Lukoil OAO 1,354 Energy
6 28/03/2013 Azeri-Chirag-Guneshli field (2.72% stake); Baku Tbilisi Ceyhan Pipeline Co. Ltd. (2.36% stake)
ONGC Videsh Ltd. Hess Corporation 1,000 Energy
7 22/02/2008 Karasu Operating Company (85% stake); Kura Valley Operating Company (80% stake)
Global Investment Energy
Nations Petroleum Company Ltd.
340 Energy
8 12/02/2008 Azercell Telekom B.M. (35.7% stake)
Azertel Telekomu-nikasyon ve Yatirim Dis Ticaret
Republic of Azerbaijan
180 Telecommunications: Carriers
9 06/06/2007 Binagady Project (37.5% stake)
RussNeft NK OAO AzenOil Company BV
150 Energy
10 25/08/2008 Baku-Castel OJSC (92.8% stake)
JSC Baltika Breweries
Brasseries Internationales Holding (Eastern) Ltd. (BIH Eastern)
50 Consumer: Other
Top 10 M&A deals of the last 15 years
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Business Outlook in Azerbaijan – 2017 | Azerbaijani business environment
16
Azerbaijani business environment02Deloitte CIS would like to thank all those who participated in the survey we conducted in August–September 2017 as part of our “Business Outlook – Azerbaijan“ project. We do appreciate your time and your interest in our research. Your expert opinions allowed us to conduct an integrated analysis of Azerbaijan’s business environment, as well as to study the sentiments and expectations of market participants about their companies’ development and the market overall.
We are pleased to present you with the key findings of our research. We hope that you will find it useful and informative. We would be grateful if you participate in our next survey.
Please feel free to contact us if you have any questions about this report.
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Business Outlook in Azerbaijan – 2017 | Azerbaijani business environment
17
Financial outlook
Risks rating
Respondents were asked to assess the current market position of their companies (in 2H 2017):
Respondents were asked to evaluate the impact of the risks [on the scale of 1 to 3]
Respondents were asked to assess their company’s outlook (in 2018):
With 87 percent of the respondents having a positive view of how their companies perform, Azerbaijan’s overall business environment is clearly perceived as positive.
Moreover, the majority of respondents are optimistic about 2018: 79 percent are expecting improvement. Only 13 percent believe that the situation will remain unchanged and 8 percent expect the situation to deteriorate.
Such a positive outlook on Azerbaijan’s business environment and the respondent’s optimism may be due to the fact that after facing difficult challenges in 2015–2016 companies are now finally seeing signs of a stabilization.
Our survey has shown that the Azerbaijani business is focused on macroeconomic issues: downside risks for the exchange rate of Azerbaijani manat, a slowdown in the national economy and a decrease in domestic demand; as well as concerns about a possible decrease in revenue and cash flow.
87% 13%
79% 8%13%
New trade barriers/protectionism
Cyber threats
Shortage of capital
Strong competition in the market
Increase in the cost of capital
Increase in production costs
Low transparency
Increased business regulation
Decrease in domestic demand
Decrease in cash flow
Slowdown in the economy
Decrease in core business revenue
The weakening of the AZN
1.42
1.42
1.50
1.58
1.63
1.67
1.79
1.83
1.92
1.92
2.13
2.13
2.46
Top-
3 ri
sks
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Business Outlook in Azerbaijan – 2017 | Azerbaijani business environment
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Strategies rating
Current approach to capex
Respondents were asked to evaluate the priority of the strategies [on the scale of 1 to 3]
Respondents were asked about their current approach to capex
Improving operational performance is a high priority for Azerbaijani companies: cost control and optimization as well as increasing cash flow are in demand.
The majority of respondents (66 percent) specify that the current level of capex is sufficient for expansion: 45 percent for moderate and 21 percent for massive expansion.
Another 21 percent of companies hold minimal maintenance capex just to keep their existing assets operational. And 13% of companies are forced to shut down some facilities.
Raising capital from external sources
Increasing capex
Expanding into new markets
Launching new products/ services on the market
Investing in human resources
Reducing financial risks
Developing the business through organic growth
Digitalising business functions
Increasing production
Reducing currency risks
Cost cutting
Increasing cash flow
Ongoing cost control
1.6
1.9
2.0
2.1
2.2
2.3
2.3
2.3
2.4
2.4
2.5
2.5
2.8
Top-
3 st
rate
gies
Maintenance + moderate capex in expansion
We are shutting down some of our facilities
Minimal maintenance capex just to keep the existing assets operational
Massive expansion capex
13%
21%
21%
45%
FSI companies are more often shutting down some of facilities (43%) than companies from other sectors
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Economic expectations
Respondents were asked about expected changes in key financial metrics over the next 12 months
Revenue (in AZN)
Operating expenses (in AZN)
Opinions on the revenue changes are divided: 54 percent believe the revenue of their companies will increase (by an average of 55%), while 13 percent hold the opposite view (expected decline by 11%) and 33 percent indicated that the revenue will remain the same.
Typically, revenue growth is generally accompanied by an increase in operating costs. Our survey has found that 58 percent expect operating costs to grow by an average of 10 percent.
Specific patterns:FSI companies expect the decrease in revenue more often (43%) than companies from the other sectors.
54%
13%
13%
58%
33%
29%
By 55%
By 5%
0%
0%
By 11%
By 10%
Operating profit (in AZN)
Almost half of companies (46 percent) believe that the operating profit will increase (expected average growth of 41%) while 42 percent of respondents forecast that it will remain unchanged. Only 13 percent of experts expect a decline in operating profit – by 15%.
46% 13%41%
By 41% 0% By 15%
Expectations
Expectations
Expectations
Share of respondents
Share of respondents
Share of respondents
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Number of staff
Average wages (in AZN)
Cost of capital (in AZN)
Outlook on the number of staff: 21 percent of respondents forecast an increase (growth will be 10%), while another 21 percent expect the opposite (a 6% decline). Fifty-eight percent believe that the number of employees will remain the same.
Of the respondents surveyed, 42 percent expect an increase in the average level of wages – in their opinion, growth will be 6%.
A significant number of companies (58 percent) do not consider wage adjustments. Given an inflation forecast of 13%, this indicates a decrease in the real income of employees.
The majority of respondents (71 percent) expect that the cost of capital will remain at the same level. However, 21 percent of experts forecast an increase in the cost of capital by an average of 10%. About 8 percent think that the cost of capital will decline slightly (by 2%).
Specific patterns:Not a single FSI company is going to increase its current number of staff.
21%
42%
8%
21%
21%
58%
58%
71%
By 10%
By 6%
By 2%
0%
0%
0%
By 6%
By 10%
Economic expectations
Respondents were asked about expected changes in key financial metrics over the next 12 months
Expectations
Expectations
Expectations
Share of respondents
Share of respondents
Share of respondents
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About respondents
Company's annual gross revenue in 2016 Total number of permanent employees
Companies by industry
Financial services
Other
Manufacturing
Energy and resources
33%
13%
25%
29%
Retail services
Travel
Agriculture
Construction
Transportation
50,000–250,000 AZN
1mln–5mln AZN
Over 5 mln AZN
Less than 50
50–200
200–500
500–2,000
More than 2,000
25%
17%
25%
21%
13%8%
17%
75%
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Business Outlook in Azerbaijan – 2017
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Nuran KerimovManaging PartnerDeloitte [email protected]
Petr SergutinSenior Manager, Financial AdvisoryDeloitte [email protected]
Lora Zemlyanskaya Research Centre LeaderDeloitte [email protected]
Joe PacelliPartner, Head of Business DevelopmentDeloitte [email protected]
Jalal HajibayovSenior Manager, Risk AdvisoryDeloitte [email protected]
Mikhail GordeevSenior Research SpecialistDeloitte [email protected]
Contacts
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Brochure / report title goes here | Section title goes here
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